ASSET-BACKED MARKETS

The six largest sectors of the asset-backed securities (ABS) market in industrialized countries are credit card revolving loans, home equity loans, automobile loans, student loans, manufactured housing loans, and equipment loans. Asset securitization substitutes efficient capital markets for less-efficient, higher-cost financial intermediaries in the funding of debt instruments. Financial engineers' creative design in response to new opportunities has been the driving force behind the powerful revolution. It provides businesses with access to new sources of capital at lower costs, even when the upfront analysis, structuring, and credit enhancement costs are factored in. Also, securitization provides a crucial source of funding for companies with limited access to other forms of credit because asset-backed securities are rated on their own merit, independent of the issuing company's financial standing. The revolutionary process first began with mortgage pass-throughs. Asset types used in securitization include mortgages, auto loans, credit card receivables, equipment leases, tax liens, and junk bonds.

参看译文
资产支持证券市场

  资产支持证券(Asset-backed Securities,ABS)在使用债务工具筹资时,以有效的资本市场代替了效率较低、成本较高的金融中介。金融工程家面对新的机会创造性的发明推动了这一巨大的革命。即使考虑了先期的分析成本、安排结构和提高信用级别的成本,这一方法还是为企业提供了成本更低的新的筹资途径。而且,证券化也为那些无法从其他信用渠道获得资金的公司提供了筹资的途径,因为资产支持证券是以资产本身的价值作为衡量标准的,而与发行公司的财务状况无关。最早的资产支持证券形式是抵押转手证券。机构抵押证券的发行额从1995年的2692亿美元上升到1996年的3705亿美元。机构抵押支持证券的发行额在1997年稍稍下降,为3680亿美元。其他资产支持证券的发行额从1995年的1079亿美元上升到1996年的1513亿美元和1997年的1851亿美元。这一发行量增加的趋势还将继续保持下去。在证券化中使用的资产形式有抵押、自动贷款、信用卡应收账款、设备租赁、征税扣押权和垃圾债券等等。